Foreclosure Prevention Act of 2008

Saturday, July 26, 2008

GREGG: HOUSING MEASURE WILL HELP HOMEOWNERS AND THE ECONOMY GET BACK ON TRACK

NH Senator supports bill to help people stay in homes, stem foreclosure rates, provide stability to the financial markets and restore confidence in the nation’s economy

WASHINGTON—United States Senator Judd Gregg (R-NH), Ranking Member of the U.S. Senate Budget Committee, today applauded Senate passage of the Foreclosure Prevention Act of 2008 (H.R. 3221) to help stabilize and revitalize the nation’s ailing housing sector and financial markets while helping homeowners avoid mortgage delinquencies and defaults.  The measure was passed by a vote of 72 to 13, and it now heads to the President’s desk for his signature.

U.S. Senators Judd Gregg (R-Rye) and John Sununu (R-Waterville Valley) split over supporting a Senate bill aimed at easing home foreclosures.

The Senate passed the Foreclosure Prevention Act of 2008 by a vote of 84-12. The Act seeks to modernize the Federal Housing Administration, offer mortgage revenue bonds and offer pre-foreclosure counseling.

Gregg opposed the bill and Sununu voted in favor of the bill.

FOR IMMEDIATE RELEASE:                    CONTACT: BARBARA RILEY

4/10/08                                                              202-224-2841